Why a NYC Apartment May Now Be Within Reach

1/31/2013 9:51AM

Living in Manhattan, it's easy to believe apartments have never been so expensive. But when price trends by Douglas Elliman were adjusted for inflation, they found median apartment prices were the lowest since 2004. Josh Barbanel reports. Photo: Getty Images.

This transcript has been automatically generated and may not be 100% accurate.

... the the ... news of a on the beest Nightline a feat that held its just in one ... particularly upset that realistic list ... none of the fall has that been so disgusting apartment on my house and I and II ... at another headline from today's data was actually written in nineteen sixteen ... Samsung been many and trading about the high cost of living here for Honda da spot ... if I were fretting about how more expensive ... to pull anything like that with Adam and says that and I think median and average prices ... on a Manhattan apartment with our form of state and I'm the most since two thousand and four so ... when the prices and Finkelstein of the sections ... don't bother now so will see Donald was a cute little cayenne manhunt and kind of small planes are listed on your great story ... thank you ... that that that that that that factor for stock were not talking she is still incredibly expensive to live in Manhattan ... yes please mind getting more and more expensive when you adjust for inflation ... of the prices today are is mostly were in two thousand for truth behind that ... well you know for the New York has an ear or next or ... what their partner in nineteen seventy five to twenty five thousand dollars and now it's selling for a foreigner half million dollars ... not that feeds the perception ... um ... after so that there are over paying things are ... crazy ... the market effect is quite ... stable ... this was a was in the nineties in the seventies but ... after that the bump up in two thousand ate ... um you know it it came down a bit and it's it's basically flat ... and Dom and maybe not not a bad time to buy him be so while I was only talking when connected to the median price is three that are common around two point three seven million ... as of the system protect a ... couple of the best opening for a night ... that's right and and you know what we see in the newspapers about ... Milstein head is about billionaires vying hugely Spencer properties ... for which they are in fact pain ... as much as more and more than ever but of but for ... ordinary working people were affected with the median middle most people people ... people like the rich averse to myself ... um ... you know in the market is a statistic was quite stable ... does count and get to that design isn't that happened weapons among the still things and I am crazy in there that can be ... a lack of images using the lack of supply is a common one that I think I love this interplay between the rental market and sells more Kindle so we have ... a tight credit conditions so that people wanted ... the trade up to me that you can get a mortgage ... of the folks at and therefore they are going out ... buying up our car console apartment inventory ... here and around the country is low or non ... people ... just you know ... that they sell them to make more money and and so I'm not buying mortgage ... to slow down ... um and that's that's that's the ... that's a problem you know and ... some analysts are Kirra saying that the brokerage's saying Price McGraw next year because this'll get so few listings ... of ... United how this fits into the White an example Time overlooking the opposite effect edition have also been insulated from housing ... there is a boss like the middle ... right yes right when you when you raise the question is New York expensive or cheap ... all the workers with foreign buyers say York is very very cheap ... because it costs a lot less than my new apartment in London ... horn honk on and ... the shareholders may come here and say oh my God I'm it's much more stress for Monday this is a bargain that's a bomb in a hehehe and the pot and cement and I'm I'm somewhat out of